Sensex, Nifty recede after touching new record highs

Mumbai: The benchmark Sensex on Tuesday hit a new lifetime high of 22,040.72 but pared gains on profit-booking to close at 21,832.61, amid cautious trading ahead of a US Federal Reserve policy meeting.

The 50-share NSE index Nifty also surged to mark a new lifetime high of 6,574.95, before closing at 6,516.65, a rise of 12.45 points, or 0.19 percent.

"Indices opened on a bullish note on account of positive global cues and also as Ukraine tensions seemed to ease in the near-term. However, after initial rally, they witnessed selling pressure and pared most of day's gains," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

A firming trend in the Asian region and foreign institutional investors remaining net buyers in Indian equities for the third straight week, supported Indian stocks.

American brokerage Goldman Sachs also upgraded India to "overweight" on reducing external vulnerabilities and said it expects the NSE Nifty to touch 7,600 level this year.